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Theodore, Saskatchewan | We should look at cattle because you are right interesting things have been going on.
I have my Dec 240 min chart from before and we had an overshoot of the ml on the last upslope fork and seeing an equal overshoot of the lml.
We have met the ml projection of the downslope fork. And it appears buyers have come in where they last appeared at the end of the energy coil. So is this one big pullback to shakeout the market?
Since September sell off we are seeing HH and HL.
I have the daily nearest chart as well which I have kept track of and even though it flirts with the lml (as we have discussed before), it respects the line and finds buyers at or just under.
We do have a contract roll coming soon which could cause a large gap on the chart unless dec gains a lot and feb has a large pullback, similar to the oct - dec roll gap on the chart.
I personally bought some longs in the June contract on the last pullback so that I could hold them going into spring, but would consider buying more. Seasonally this is a very good time to buy and next spring the drop in supply will start hitting the market (if demand holds together, but honestly people still like cheeseburgers even if there is a fiscal cliff). I believe Dec will stop trading in a couple weeks and the april contract is always a premium.
Look forward to your thoughts on it jpartner
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cole sibley....chart update
